World Bank okays $1 billion for India's fight against coronavirus

Kochi, Feb 26: Kerala High Court on Wednesday imposed a ban on strikes in schools and colleges that impact the functioning of the campuses.

''The functioning of campuses should not be hampered by the strikes. The colleges are for study, not for strikes. There should not be any march or gherao on campuses. Do not incite anyone for a strike," a bench of Justice PB Suresh Kumar said in its order.

"The order applies to schools and colleges. Do not harm the rights of others. The college can be a venue for peaceful discussions or thoughts. If actions are contrary to the orders of the court, the authorities can take action. They can call the police and restore peace," the order reads.

The Kerala High Court issued the order while hearing a petition filed by 20 educational institutions against campus politics.

New Delhi, Mar 25: The government is likely to agree an economic stimulus package of more than Rs 1.5 lakh crore ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter told news agency.
The government has not yet finalised the package and discussions are ongoing between Prime Minister Narendra Modi's office, the finance ministry, and Reserve Bank of India (RBI), said both the sources, who asked not to be named as the matter was still under discussion.

One of the sources, a senior government official, said the stimulus plan could be as large as Rs 2.3 lakh crore, but final numbers were still in discussion.

The package could be announced by the end of the week, both sources added.

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”